Message from the Chair
Chair’s introduction
Welcome to the latest Member newsletter, our update summarising developments associated with the AbbVie Pension Fund ('the Fund').
As you know, the Trustee is responsible for running the Fund, looking after your interests as Members, making sure the Fund meets all the legal requirements and ensuring it is funded properly so that it can pay all the benefits when they are due.
I am pleased to report that scheme funding remains robust, with more information available later in the newsletter.
As mentioned before, we are required to conduct a formal assessment of the funding status every three years. The latest assessment, as of 31 March 2022, indicated that the Fund was 'fully funded' (meaning there is sufficient money in the Fund to pay pensions as they become due). The annual funding reports for 31 March 2023 and 31 March 2024 confirmed that this fully funded position has been maintained.
Last year, AbbVie Ltd (“AbbVie”), the principal employer, asked the trustees of the Fund and those of a smaller scheme, the Allergan Limited UK Pension Scheme (the “Allergan Scheme”), to consider a merger to improve the efficiency of AbbVie’s pension arrangements. We are pleased to announce that the merger has gone ahead, and we welcome our new members from the Allergan Scheme. Please be assured that your benefits won’t change as a result of the merger, and you don’t need to take any action. Learn more about the merger here.
There have also been some changes to the Fund’s trustee board following the merger - you can find out more below.
Over the past year, we've collaborated with our advisers on improving member communication. You'll find more details about this later in the newsletter. Meanwhile, I want to remind you to visit the member website.
Finally, we have received queries from members about some of the more technical aspects of pension, such as how pensions are calculated at retirement. We have included information about this, including worked examples which we hope will help.
We hope that this newsletter is informative and welcome any feedback you may have.
Christopher Wheeler Chair
Where you can get help and/or further information
AbbVie members
If you have a question on your benefits, please look at OneView first. If you need more help with your pension, you can contact the administration team at:
Website: Contact Aptia Pensions (CAP) pensionuk.aptia-group.com
Telephone: 0344 854 4966
Address: Maclaren House, Talbot Road, Stretford, Manchester M32 0FP
Former “Allergan Scheme” members
Your administrator is still Broadstone, and you can contact them as follows:
Email: abbvie@broadstone.co.uk (please note the new email address)
Telephone: 0117 937 8700
Address: Broadstone House, 23-25 St George’s Road, Bristol, BS1 5UU
Please note that when contacting your Scheme Administrator, you will need to provide your Name, Date of Birth and National Insurance Number.
Data protection
Your data is extremely important, and the Trustees are committed to protecting your data and privacy. The Fund’s Privacy Notice can be found on OneView too. It outlines the data we store about Members to administer the Fund, as well as how we use this data.
The Privacy Notice for the Allergan section is available via https://engage-members.broadstone.co.uk/ClientPage?Client=ALG
Who runs the Fund
The Trustee Board is currently made up of six Trustee Directors, including the Chair, BESTrustees Ltd, represented by Christopher Wheeler.
There are four Company-Nominated Trustee Directors (Nicola Balfe, Niall Maher, Christopher Wheeler and Mark Fisher) and two Member-Nominated Trustee Directors (Marc Church and Nick Kennedy).
Christopher Wheeler and Nicola Balfe were also trustees of the Allergan Scheme. In the interests of transparency and consistency, following the merger with the Fund, Gordon Jones, who was formally a member nominated trustee director of the Allergan scheme, has taken a trustee director role in the Fund as of the 28th February 2025.
Once the transitional period has passed, it is the board’s intention to revisit the board composition, and where appropriate begin a new process to identify new member nominated trustee directors in accordance with the scheme rules.
Following the merger, Gordon Jones and Nicola Balfe stood down as trustees of the Allergan Scheme, and Christopher Wheeler will continue as sole professional trustee until the scheme is wound up.
Trustee Secretary: Chris Hughes, Broadstone, 100 Wood Street, London, EC2V 7AN
Principal Employer: AbbVie Ltd, AbbVie House, Vanwall Business Park, Maidenhead, Berkshire SL6 4UB
Administrator for AbbVie members: Aptia UK Limited
Administrator for Allergan members: Broadstone Corporate Benefits Limited
Actuary: Richard Francis, Mercer, Tower Place West, London, EC3R 5BU
Auditor: Ernst &Young LLP, Apex Plaza, Reading, Berkshire RG1 1YE
Bankers: HSBC
Legal Adviser: Sackers
Investment Adviser: Aon, Verulam Point, Station Way, St Albans, AL1 5HE
Covenant Adviser: Cardano, 6 Bevis Marks, London, EC3A 7BA